Income Per Diluted Share $0.84; Before Certain Items improves 19% to $1.01

Gross profit increases 5%

Global beverage can sales unit volumes up 3%

Three new beverage can lines in Brazil ready for the Southern Hemisphere summer season

Net sales in the third quarter grew to $2,423 million over the $2,205 million in the third quarter of 2010, primarily driven by the pass-through of higher raw material costs and $92 million from foreign currency translation. Approximately 74% of net sales were generated outside the U.S. in the third quarter compared to 72% in the third quarter of 2010.

Third quarter gross profit improved 5.0% to $396 million over the $377 million in the 2010 third quarter and included $14 million from foreign currency translation.

Selling and administrative expense was $96 million in the third quarter compared to $82 million in the prior year and included $4 million from foreign currency translation.

Segment income (a non-GAAP measure defined by the Company as gross profit less selling and administrative expense) increased to $300 million in the third quarter over the $295 million in the third quarter of 2010 including $10 million of foreign currency translation.

Commenting on the quarter, John W. Conway, Chairman and Chief Executive Officer, stated, "We are pleased with our overall financial performance and solid execution in the third quarter. Comparable diluted earnings per share were up 19% despite a challenging macro economic environment, adverse weather conditions in parts of North America and a cool and damp summer across much of Europe. These solid results reflect the strength of the developing markets in which we have expanded over the last several years, the diversification of our product offerings and geographic footprint, world class operating performance and our constant focus on cost containment.

"Global beverage can sales unit volumes rose 3% in the third quarter driven by continued strong demand in the emerging markets of Brazil and Asia. Our second beverage can line in Phnom Penh, Cambodia began commercial production earlier this month and in the first half of 2012 we expect to begin production at several new beverage can plants including in China and Brazil," Mr. Conway added.

Interest expense in the third quarter was $58 million compared to $55 million in the third quarter of 2010. The increase reflects $2 million from foreign currency translation.

During the third quarter of 2011, the Company recorded a tax charge of $25 million ($0.17 per diluted share) for a deferred tax valuation allowance adjustment arising from a September 2011 tax law change in France that limits the amount of tax loss carryforwards a company can use in any year. The Company expects to make these tax payments over the next four years.

Net income attributable to Crown Holdings in the third quarter increased to $129 million, or $0.84 per diluted share, over the $126 million, or $0.78 per diluted share, in the third quarter last year. Before certain items, net income increased 12.4% to $154 million over the $137 million in 2010 third quarter; and earnings per diluted share attributable to Crown Holdings improved 18.8% to $1.01 from $0.85 in the same quarter last year.

A reconciliation from net income and income per diluted share to net income before certain items and income per diluted share before certain items is provided below.

Nine Month Results

During the first nine months of 2011, net sales increased to $6,586 million over the $5,992 million in the first nine months of 2010, reflecting higher global sales unit volumes, the pass-through of higher raw material costs and $224 million of favorable foreign currency translation. Approximately 73% of net sales were generated outside the U.S. in the first nine months of 2011 compared to 71% in the first nine months of 2010.

Gross profit for the nine month period improved to $1,059 million over the $962 million in the first nine months of 2010 and reflects global sales unit volume growth, ongoing productivity improvements, and $32 million of favorable foreign currency translation.

Selling and administrative expense for the nine month period was $298 million compared to $256 million for the same 2010 period. The increase in expense reflects $11 million in foreign currency translation and a one time benefit of $20 million (recorded as a reduction to corporate and other unallocated items) realized in the first quarter of 2010 from the settlement of a legal dispute unrelated to the Company's ongoing operations.

Segment income in the first nine months of 2011 grew 7.8% to $761 million over the $706 million in the first nine months of 2010, including $21 million of improvement due to foreign currency translation. Excluding the $20 million settlement benefit realized in 2010, segment income increased 10.9% and was 11.6% of net sales in the first nine months of 2011 compared to 11.4% of net sales for the same period last year.

Interest expense for the first nine months of 2011 was $174 million compared to $147 million in the same period of 2010, reflecting higher average debt outstanding and $4 million from foreign currency translation.

During the first nine months of 2011, the Company recorded restructuring charges of $27 million ($26 million, net of tax, or $0.16 per diluted share) primarily related to the relocation of its European headquarters from France to Switzerland, and tax charges of $42 million ($0.27 per diluted share) in connection with the relocation and the new tax law in France. Also during the first nine months of 2011, the Company recorded gains on sales of assets of $2 million ($2 million, net of tax, or $0.01 per diluted share) and losses of $32 million ($20 million, net of tax, or $0.13 per diluted share) in connection with the early extinguishment of its $600 million senior secured notes due 2015 and its first priority senior secured notes due September 2011.

Net income attributable to Crown Holdings for the first nine months of 2011 was $274 million, or $1.77 per diluted share, compared to $279 million, or $1.71 per diluted share, in the first nine months of 2010. Before certain items, net income increased 22.0% to $360 million over the $295 million in 2010; and earnings per diluted share improved 28.2% to $2.32 from $1.81 in the first nine months of 2010.

Net debt (a non-GAAP measure defined by the Company as total debt less cash) was $464 million higher at September 30, 2011 than at September 30, 2010, and includes $362 million in common share repurchases and $49 million from the purchase of noncontrolling interests.

Debt and cash amounts were:

September 30,

2011

December 31,

2010

September 30,

2010

December 31,

2009

Total debt

$3,757

$3,048

$3,229

$2,798

Cash

479

463

415

459

Net debt

$3,278

$2,585

$2,814

$2,339

Receivables securitizations not

included in total debt above

$ 0

$ 0

$ 0

$ 232

Non-GAAP Measures

Segment income, free cash flow and net debt are not defined terms under U.S. generally accepted accounting principles (non-GAAP measures). In addition, the information presented regarding net income before certain items and income before certain items per diluted share does not conform to U.S. GAAP and includes non-GAAP measures. Non-GAAP measures should not be considered in isolation or as a substitute for net income, income per diluted share, cash flow or total debt data prepared in accordance with U.S. GAAP and may not be comparable to calculations of similarly titled measures by other companies.

The Company views segment income and free cash flow as the principal measures of performance of its operations and for the allocation of resources. Free cash flow has certain limitations, however, including that it does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. The Company believes net debt is a useful measure of the Company's debt levels and that net income before certain items and income before certain items per diluted share can be used to evaluate the Company's operations. Segment income, free cash flow, net debt, net income before certain items and income before certain items per diluted share are derived from the Company's Consolidated Statements of Operations and Cash Flows and Consolidated Balance Sheets, as applicable, and reconciliations to segment income, free cash flow, net debt, net income before certain items and income before certain items per diluted share can be found within this release.

Conference Call

The Company will hold a conference call tomorrow, October 19, 2011 at 9:00 a.m. (EDT) to discuss this news release. Forward-looking and other material information may be discussed on the conference call. The dial-in numbers for the conference call are (415) 228-5025 or toll-free (800) 475-0233 and the access password is "packaging." A live webcast of the call will be made available to the public on the internet at the Company's web site, www.crowncork.com. A replay of the conference call will be available for a one-week period ending at midnight on October 26. The telephone numbers for the replay are (203) 369-3106 or toll free (888) 566-0111 and the access passcode is 0105.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including the Company's ability to implement expansion and commercialization plans on schedule, to begin production as expected at new beverage can plants, and continued growth rates for beverage cans in emerging markets that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward-Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2010 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

Crown Holdings, Inc., through its subsidiaries, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania.

(1) A reconciliation from gross profit to segment income is found on the following page.

Consolidated Supplemental Financial Data (Unaudited)

(in millions)

Reconciliation from Gross Profit to Segment Income

The Company views segment income, as defined below, as a principal measure of performance of its operations and for the allocation of resources. Segment income is defined by the Company as gross profit less selling and administrative expense. A reconciliation from gross profit to segment income for the three and nine months ended September 30, 2011 and 2010 follows:

Three Months Ended

September 30,

Nine Months Ended

September 30,

2011

2010

2011

2010

Gross profit

$

396

$

377

$

1,059

$

962

Selling andadministrative expense

96

82

298

256

Segment income

$

300

$

295

$

761

$

706

Segment Information

Three Months Ended September 30,

Nine Months Ended September 30,

Net Sales

2011

2010

2011

2010

Americas Beverage

$

594

$

547

$

1,697

$

1,576

North America Food

271

275

676

686

European Beverage

451

411

1,291

1,164

European Food

623

558

1,554

1,383

European Specialty Packaging

122

108

341

296

Total reportable segments

2,061

1,899

5,559

5,105

Non-reportable segments

362

306

1,027

887

Total net sales

$

2,423

$

2,205

$

6,586

$

5,992

Segment Income

Americas Beverage

$

77

$

74

$

217

$

204

North America Food

49

42

115

91

European Beverage

61

70

176

197

European Food

87

83

202

182

European Specialty Packaging

11

12

30

23

Total reportable segments

285

281

740

697

Non-reportable segments

62

57

174

149

Corporate and other unallocated items

(47)

(43)

(153)

(140)

Total segment income

$

300

$

295

$

761

$

706

Consolidated Supplemental Data (Unaudited)

(in millions, except per share data)

Reconciliation from Net Income and Income Per Diluted Common Share to Net Income before Certain Items and Income Per Diluted Common Share before Certain Items

The following table reconciles reported net income and diluted earnings per share attributable to the Company to net income before certain items and income per diluted common share before certain items, as used elsewhere in this release: